Beach Investment Counsel Inc. PA reduced its position in Bank of America Corp (NYSE:BAC) by 24.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 565,755 shares of the financial services provider’s stock after selling 181,046 shares during the quarter. Bank of America makes up about 1.6% of Beach Investment Counsel Inc. PA’s investment portfolio, making the stock its 20th biggest holding. Beach Investment Counsel Inc. PA’s holdings in Bank of America were worth $16,667,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Xact Kapitalforvaltning AB increased its stake in shares of Bank of America by 3.0% in the second quarter. Xact Kapitalforvaltning AB now owns 2,059,643 shares of the financial services provider’s stock worth $58,061,000 after buying an additional 59,759 shares during the period. Guardian Investment Management increased its stake in shares of Bank of America by 4.1% in the second quarter. Guardian Investment Management now owns 140,040 shares of the financial services provider’s stock worth $3,967,000 after buying an additional 5,493 shares during the period. Forte Capital LLC ADV increased its stake in shares of Bank of America by 30.9% in the second quarter. Forte Capital LLC ADV now owns 28,847 shares of the financial services provider’s stock worth $813,000 after buying an additional 6,810 shares during the period. Creative Financial Designs Inc. ADV increased its stake in shares of Bank of America by 117.4% in the second quarter. Creative Financial Designs Inc. ADV now owns 11,810 shares of the financial services provider’s stock worth $333,000 after buying an additional 6,377 shares during the period. Finally, Legacy Private Trust Co. increased its stake in shares of Bank of America by 59.9% in the second quarter. Legacy Private Trust Co. now owns 81,929 shares of the financial services provider’s stock worth $2,310,000 after buying an additional 30,699 shares during the period. 65.06% of the stock is owned by hedge funds and other institutional investors.
Shares of Bank of America stock opened at $28.52 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.98. The firm has a market cap of $288.97 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 1.38 and a beta of 1.31. Bank of America Corp has a 12-month low of $25.81 and a 12-month high of $33.05.
Bank of America (NYSE:BAC) last issued its quarterly earnings data on Monday, October 15th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.04. The business had revenue of $22.78 billion for the quarter, compared to the consensus estimate of $22.63 billion. Bank of America had a net margin of 21.85% and a return on equity of 10.82%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.48 EPS. On average, analysts forecast that Bank of America Corp will post 2.55 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 28th. Shareholders of record on Friday, December 7th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, December 6th. Bank of America’s payout ratio is currently 32.79%.
Several research analysts recently commented on the stock. BMO Capital Markets lifted their target price on shares of Bank of America from $35.00 to $36.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 16th. Wolfe Research assumed coverage on shares of Bank of America in a research note on Tuesday, September 25th. They issued an “outperform” rating on the stock. Finally, ValuEngine downgraded shares of Bank of America from a “hold” rating to a “sell” rating in a research note on Tuesday, October 23rd. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $34.63.
Bank of America Profile
Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates through four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.
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